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Varney Company

News/Business. Wall Street news. New.

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00:40:00

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San Francisco, CA, USA

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Comcast Cable

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Virtual Ch. 130 (Fox Business)

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mpeg2video

AUDIO CODEC
ac3

PIXEL WIDTH
704

PIXEL HEIGHT
480

TOPIC FREQUENCY

Cairo 7, Us 6, Egypt 4, Keith Fitzgerald 3, Washington 3, Sanchez 2, Southern California 2, Gerri Willis 2, Liz Macdonald 2, Houston 2, U.s. 2, San Francisco 2, New York 2, Humana 2, Niagara 1, Blackrock 1, Clinton 1, Clayton Morris 1, Obligatio 1, Pfizer 1,
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  FOX Business    Varney Company    News/Business.  
   Wall Street news. New.  

    November 23, 2012
    9:20 - 10:00am EST  

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good theme, jeff flock knowing what we do here. one thing on the christmas list of a lot of kids out there, young children, ipads, not toys or games or a bicycle but ipads. we will talk to a mom of 6 about how she feels about that next. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only wayo get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office.
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dave: i am not thankful for being a new york jets fan. here is held in new york post puts it, but ugly for a particularly ugly performance of mark sanchez, here's mark sanchez running into his offensive linemen's back and fumbling. was returned for a touchdown on the next kickoff, another fumble return for a touchdown, just this one little 52 seconds section of the game the patriots scored three touchdowns, the patriots won 49-19. some fans are calling for head
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coach rex ryan to be fired. washington redskins quarterback robert griffin iii scored four touchdown passes for the second straight week. he is on a roll. redskins almost blew a huge lead but held on to beat the cowboys 38-31 and the most controversial play of the day care and in another game, houston, texas, running back scores on an 81 yard touchdown. he was clearly down but he coach jim swartz through the challenge flag. all players are automatically reviewed and he was given a penalty and play became not renewable. stupid rule and potentially cost them the gain. houston won 34-31 in overtime. almost half of u.s. kids age 6 greece are asking their parents for and ipad for the holidays according to a survey of kids ages 6-12. does the 6-year-old kid need an idea and? are we spoiling our children?
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joining us is radio host miriam wallach. even if you had the money you probably wouldn't give each one of the men arrived at. >> no. the highlight of the game was the best. they didn't cover that in the post. talking about these ipads. spoiled children from spoiled adults. there's the power of know when it come that the gift giving. dave: you don't hear no a lot in manhattan. it is an island to itself. oh honey, okay, honey, we will do it. >> i agree with jimenez parents and u.s. a father and me as a mother we need to think as marathon and not as print. dave: i a latin america white from nicaragua and she does not take flak at all. this will not be -- no. >> i have a jewish husband. we are in a similar boat. dave: what about the many ipads. was that a direct assault on
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parents from apple saying here you go, this is for you. it is great size, a little cheaper, parents can really afford it. >> get paid job. that is my hand it to my kids when they want something. you a classic rock fan? there is a quote from the stones, you can't always get what you want. at the bottom line. we have to look our kids and save this is the this something you can expect, managed to expect asians, or let's do this together. they want to do more housework? they went to babysit? there is value to that. we have to instill our kids with value that they can attain big ticket items and they really want that at the end of the day we are here to do it with them. if we look at parenting, you are exhausted at the end of the day, saying yes is often easier but at the end of the day we have to be honoring our values. dave: toys r us is trying to promote a similar item.
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they have their own version of the ipad, a very cheap version 4, don't worry about it, you combine hours for $100 whatever it is. >> any child comes back with something on the back there is still brand value we can't ignore. dave: kids may be after ipads for christmas the will has new competition from microsoft. the service could give the ipad run for its money. clean morris is here and is going to show us what is so great about it and the opening bell is next.
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dave: you hear the opening bell on wall street, last trading day of the day after thanksgiving. you always wonder will be a sleepy day or will there be some surprises? there may be some surprises. so far we have a slight gain on the opening of the dow. the dallas trading up 13 points but it is moving upward in a quick direction up 26 points. a day like this you are never sure what will happen if there's not a lot of volume. a few big traders can move the markets the state's tuned. we want to show you some pictures out of cairo, egypt. you may have seen there was a power grab a bite that guy, a head of the muslim brotherhood
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the egypt. he just recently declared himself the ayatollah of egypt and a lot of egyptian and not happy about that. this guy essentially put himself and his government above the judiciary. when you don't have a free judiciary you have a dictatorship. a lot of people said that is where the muslim brotherhood wanted to go and a lot of people in egypt particularly protesters to the right of your screen think that is where egypt is going. we will follow the story all day. let's check shares of apple as the market opens. apple shares are down. no, they're up $4. apple has been trading down, the low it has been about 530. of high was 700, when it then dropped 20% so apple is trading up $5, that is a nice little hop of 1% and it looks like it is
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continuing to rise, seeing real competition from a lot of other imitations. some would say straight competition for the iphone. also those tablets have really given a hit to apple over the past couple months. we don't usually showed charts but when they are dramatic and involve a big name like apple we have no choice but to do so and there is the 20% drop i was telling you about. joining the company is our president gadget guru clayton morris. you have an apple competitor with you today and this is the latest from microsoft. >> it is intriguing. that is the best way to describe it. you have seen all the commercials of you are watching football yesterday you see the clicking of the commercial keyboard. dave: there's more to tablet than nice clicking sound. >> there is good competition held in the marketplace. microsoft is doing something interesting. the question which i asked steve
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ballmer have sales been he would not give specific numbers but said they have been modest and is one of those devices you have to play with. dave: it is not so much the device itself. the device is important but the windows application. >> one of my friends wrote a great piece talking about you are not buying hardware that much anymore. apple makes the most beautiful hardware and spend a lot of time on design. it is this offer you're buying into now. do you want to buy into the windows experience? they you have a lot of stuff you need to do on office and xl? xl is a must for business. all businesses operate on xl spread sheet. if you need you need windows. dave: let's cut to the case with the software is which allows you to touch the screen which is something you use to not be able to do. >> i'm a little confused by what microsoft has been trying to do. you can touch the screen. that is great but when you decide to go to the keyboard or use a mouse it feels on. when you are using the touch experience it makes a lot of
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sense. dave: you can touch or the horse. >> if you have certain laptops, maybe a laptop that only has a track that you cannot touch the screen, you just make smudges and it won't do anything on your screen and it feels a little odd when you are holding this up right, you want to read a book, who wants to read a book holding this thing. it feels a little awkward and almost reminds me it is not good enough to be a tablet or and laptop but somewhere in between. dave: you have the many ipad. >> this is the gold standard of tablets, it is tried and true. when people talk about talent they don't say i want a talent, they say i went and had had the same way you say grab me a kleenex, it is the brand name, the gold standard. they will sell like gangbusters. there has been a back order for weeks. people can't get enough of them and they are happy to make a lot of them to keep up. dave: the competition is not just microsoft. not just a service. you have the galaxy which is the competition of the iphone which
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is making great strides. the publisher of forbes has a piece in the journal today saying because of that competition, not only microsoft but also the samsung galaxy that apple might be best priced as it is. what do you think? >> it will be apple's biggest quarter ever. dave: how will affect the stock? will spot the back to the high 600s? >> depends where analysts wrap their head around this because they didn't say it meant demand or it meant earnings expectations or that the ipad, twenty-three million, sold twenty-two.5 million or something like that which is an absurd number when you think about it. when you think we are actually talking about did they sell 1,000 surfaces yet, twenty-two million of these devices. i don't know. it will depend on analyst expectation where the stock -- dave: the stock is priced at 11 times earnings. to give you a comparison google is 17 times earnings so even though it sounds very expensive
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and it is it is at 11 times forward earnings, it is not expensive. the question is whether it will meet earnings. if galaxy and microsoft and all the other devices taken on, all of those earnings may fall short in which case the price may come down. >> will be interesting to see although the ipad ii is still selling like gangbusters and they are not at 4. sales have record quarter. if that doesn't move the stock i don't know what will. being in a 500s is a steel. dave: good to see you. and we have more now from cover your square in cairo. police are firing teargas at protesters in response to that -- morsi is speaking. we are not clear whether he is speaking to the multitudes that are protesting against them. we suspect not. he is probably speaking to his supporters but he has recently taken over the judiciary. when you have a government that
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takes over the judiciary is fair to call that government dictatorial. if you don't have a free and fair judiciary you don't have an open government. that is what he has done and he represents the muslim brotherhood which a couple years ago a lot of people said was never going to be taken over. we had a picture of that protest, we have to cut from that. this is very interesting development of what is happening in egypt. you move from the israeli gaza story to this story and you have a lot of things unsettled of ritter. too little too late, the cash strapped u.s. postal service will start offering same-day package delivery but only in san francisco. same-day service starts dec. 12 and will extend to other cities outside next year following similar moves by e back, amazon and walmart for same-day service. the postal service estimates this could bring between 10 to $15 million a year in san
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francisco alone but it is no silver bullet. the post office reported $16 billion in losses in 2012 so we hope for the best but we will see. research in motion big-time today. tell us why. robert: you and clinton were talking about apple and microsoft. research in motion was always out there with hot new funds. research in motion's newest blackberry which is due out in the new year and a new operating system may make them viable once again. shares have been rallying over the last month, they are up 44%. you can see a big jump in today's session up 12% and getting an upgrade, price target and earnings at national bank today, as you see stock jumping the there's optimism dealing with the stock. perhaps in takeover talk in the background but clearly the past year still down 20% and you go back historically well-off of
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the tides if you look at the bigger picture but there's some enthusiasm behind rim. dave: thank you very much. coming up more evidence the united states is turning into an entitlement nation. even before you are an official citizen the government is offering you a hand out. find out exactly how much the government is giving away of your money to folks who aren't even citizens. that is at the top of the hour and remember we do want to hear from you. send your e-mails to varney@foxbusiness.com. we will read them live on the air as they come in. and now i have your seven early movers and. let's look at some big retailers. walmart is up 15% this year. here is where it is trading, up a slight amount actually 1/2%. target shares up 24% this year. right now it is up a tip.
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data storage provider technology disclosed it was under investigation by the sec. it is down 5%. gm has agreed to pay $4 billion for the european and latin american lending operations of allied financial land that is trading up 2%. facebook is proposing to share data with those site instarsowgramm and that might be why it is up a tick. either cut the price of the niagara after the supreme court of canada opened the door to sales of the generic version of the drug and pfizer is supple little bit. internet company digital said it will restate its financial results since 2009 due to accounting errors. the market didn't like that at all. shares were down 76% in after-hours trading. we told you some stock would trade big and the former ceo has offered to take the company
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private. the stock is down almost 60%. make no mistake, higher taxes are coming but the patriotic millionaires are ok with paying more taxes. last week on "varney and company" we confronted one of those millionaires. keith fitzgerald is after the break. we get his reaction to this. >> did you inherit wealth? >> yes i have inherited wealth but i have also made money on my own. stuart: when you inherited wealth. what about the rest of us who were strivers? [talking over each other] want to try to crack it? yeah, that's the way to do it! now we need a little bit more... [ male announcer ] at humana, we understand the value of qualittime and personal attention. which is why we are proud to partner wi health care professionals
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dave: we are following developments out of cairo. the man on the right is the head of the government, the muslim
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brotherhood that controls egypt and controls it much more than he did and the people of cairo are none too happy about that. this is video just taken recently over the past hour or so on the streets of cairo where tanks are rolling through the streets to break up protesters who are against the power grab by mr. it to the -- mr. morsi representing the muslim brotherhood and taken over the judiciary. to make a long story short his government is now more powerful than the judiciary, can overrule the judiciary. they no longer have an independent judiciary which is one of the first steps to dictatorial government in any country. a lot of protests about it. they sent the tanks in the street and we have seen fires on the streets in cairo. is going on right now and we are going to continue to follow developments on the streets of cairo. dramatic developments indeed. tax the rich is the message
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we're hearing from washington and some rich people are even on board with. earlier this week we talked to a wealthy guy who is willing to pay more taxes if everybody else does. take a look. stuart: if you want people like me to pay higher taxes, or people like yourself to pay higher taxes did you bring your checkbook today? >> i don't have a checkbook. stuart: when will you write a check to the government can't pay taxes voluntarily? >> taxes are not a voluntary process. dave: joining us is keith fitzgerald, and a lot of people wrote in, the thing about this guy that bug steward was he already made his money. he had already banked his millions so when he was doing is forcing those people struggling to make their first million putting the burden on them.
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>> unbelievable to me. doesn't meet the union for rich people. get out your checkbook, write a check, do your math. send it in. you can take all of the money from anybody in this country earning $1 million to $10 million and wouldn't move the budget neil 1%. dave: the president is always talking about match that he does the math. he hasn't done the math because the most he could possibly get from increasing taxes on the rich is a billion dollars. his deficit over four years is $1 trillion every single year and that is because that $800 billion stimulus which was supposed to be a 1-shot deal has become repetitive. >> what makes matters worse is the president and these people in washington, all 535 of them
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inside a certain institution, they don't understand that 60% of the income in the private business world comes from folks making over $200,000 all of whom run private businesses and holes that the vessel partnerships and they get taxed at their effective personal right. people don't understand how wide this is going to be. dave: above all else what bothers me is the name. economic patriotism is the name the president used. these are called patriotic -- the idea you can send a son to work, you can pay 50% of your income in taxes and if you don't agree with taxing the rich you are unpatriotic. that -- [talking over each other] >> it is belittling and pejorative, who pay money into the system, if you pay money into the system you have skin in the game. huge portions who pay no taxes
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whatsoever and have no skin in the game. i don't care what the rate is. if you earn entitlements fine, get those back. we want to help those who do not have as much. but the country needs to understand taxing the rich -- [talking over each other] >> that is the policy. dave: do not call me unpatriotic because i think the government gets enough money as it is or too much as is. keith fitzgerald, great to see you again. thanks for coming in. appreciate it. time for your morning gold record. let's look at gold. doing pretty well. $7,032.82 an ounce. a lot of people think it hasn't gone up enough. the easy money policy for at least another four years still trading in the low 1700s. people say there's room to move for gold. here's another example why private industry is more efficient than the government. instead of building a new
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high-speed train from southern california to las vegas one entrepreneur investing $100 million, a paltry amount, on a party train to and since city that will run on existing train tracks. it could be ready by as early as next year. liz macdonald and gerri willis are here. get their reaction coming up next. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade.
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dave: another example of private enterprise trumping government big time. and entrepreneur in nevada aiming to build a so-called party train from southern california to las vegas and you wants to have it up and running by new year's eve 2013, the 516 pound passenger train is described as a nightclub on wheels. sounds like a lot of fun and the cost is estimated at $100 million, just a fraction of the government supertrains they want to build. gerri willis and liz macdonald are here. good to see you. thank you for being here. that is a great idea. gerri: california was developed by gamblers in the gold rush but what i love about this is the private sector taking the reins
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and showing the world how to build a train. i'm wondering instead of a quiet carve it will have a hangover car. dave: and the private sector does it is an experiment with their own money. and it is one fraction of the cost of the government. gerri: they can't find a way to get it right. they are having all kinds of technical issues, problems and at the end of the day you know it will cost more than they originally said. always does. stuart: to make way for the party train. president obama campaigns on a tax the rich policy that gave a lot more entitlements to americans. even outlining them in his plan you released before the election and it won. we are going to show you how the federal government is pushing the entitlement programs especially to immigrants. you don't have to be an american to get all the free stuff. that is new at 10:00. in
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